"one of the largest crypto scandals to date"

Fiatless

hero member

Activity: 574

Merit: 554

Leading Crypto Sports Betting & Casino Platform

Quote from: holydarkness on March 20, 2023, 06:47:55 AM

It might be wise to add here that they're available on playstore [android] under the name "iEarn bot Plus" and appstore [iOS] on "pro iEarn bot", just in case anyone googling their app name, seeking review before signing up, not realizing that those app are the ones the article published by BBC on OP's opening post talked about.

Playstore is a dumping ground where any application can be advertised and downloaded. I read about this fraudulent scheme and customers were even asked to bring in new client's before they could access their funds. I have seen adverts in my country that assure investors that bots have 95% accuracy in trading which means profits are guaranteed if they invest. People are just lazy, greedy, or desperate to make gains without reasoning how real these lofty profits are. I feel sorry for those that lost their money but they have also learned the hard way.

BitcoinGirl.Club

legendary

Activity: 2800

Merit: 2736

Farewell LEO: o_e_l_e_o

Quote from: cafter on March 19, 2023, 10:57:33 AM

many people invested(~800,000 people) in it hoping for big profits by crypto and trading combined, but they were told, we charge 30% fee for withdrawal, after paying 30% fee though, customers are not able to withdraw,

So you are telling us that some random dude came up with a trading bot, asked for investment, ~800,000 people invested there. Then when withdrawing the deposits they were asking for 30% fees, these same people were paying the 30% fees too. How stupid it sounds?

Quote

In some countries, such as Nigeria and Colombia, local leaders were pushed by iEarn Bot mentors - with whom they only ever communicated on Telegram - to organise recruiting events.

https://www.bbc.com/news/technology-64939146
It sounds like ponzi scheme. The greed drives these leaders and they keep recruiting more people who want to become leaders too. Leaders everywhere but no one is getting paid except hope to get paid.

Quote

"[People] took loans to invest. They used money from other sources, many people were affected," says Andres. "As the local leaders did not have answers, people started to get angry."

Very common in ponzi stories.

Mpamaegbu

legendary

Activity: 2716

Merit: 1225

Once a man, twice a child!

Quote from: cafter on March 19, 2023, 10:57:33 AM

one of the largest trading bot app named Iearnbot, it trade automatically by AI .

I don't understand why people would engage the services of bots to trade for them, knowing full well that the market is unpredictable. Bots don't have emotions and can't feel anything of concern. Even when it's obvious that market patterns and changes are sporadic, a bot may not be able to quickly make that switch. Also, there are bots that trade relatively well with up or down trend but performs poorly when the market is ranging.

– Leaving a bot to trade for one is making one vulnerable.

ScamViruS

hero member

Activity: 1876

Merit: 721

Top Crypto Casino

Quote from: cafter on March 19, 2023, 10:57:33 AM

one of the largest trading bot app named Iearnbot, it trade automatically by AI .
many people invested(~800,000 people) in it hoping for big profits by crypto and trading combined, but they were told, we charge 30% fee for withdrawal, after paying 30% fee though, customers are not able to withdraw,
the company do not provided any information about their location, owners, documents about their business, etc. owner site is also someone randomly named, fake partnership's with big companies, institutions.
this is kind of pyramid sceme
you can read full article here: https://www.bbc.com/news/technology-64939146

Always see trust/reviews on any finance or crypto related sites or business before investing.

A lot of frauds exist online, every time they come up with tempting offers to fool crypto users. Hoping to make a quick profit, crypto users look for a variety of shortcuts, which quickly make them victims of scams.

Because if a crypto trader does not know the details about something, then he faces big problems in the future. A trading bot is not something that guarantees huge profits for no reason.

Getmon

sr. member

Activity: 1400

Merit: 273

There have already been a lot of frauds that deceive individuals into thinking they have trading bots that promise investors consistent income. These days, chatGPT and artificial intelligence (AI) are becoming popular, and once more, criminals are utilizing them to deceive greedy and ignorant individuals. However, I am skeptical that a single fraudulent trading bot could defraud 800,000 people. That number was only used as a marketing ploy to get more people to join because it already has a large number of investors worldwide. Despite the fact that the trading bot had already failed to pay its investors, some individuals deposited an additional 30% of its withdrawable amount. It was not hard to tell that the fraudsters were attempting to milk its investors once more.

examplens

legendary

Activity: 3472

Merit: 3507

Crypto Swap Exchange

Quote from: Adbitco on March 19, 2023, 11:11:32 AM

However, why would people invested in trading bot they have no idea of or even making their investigation before investing in it or started using the app.

Obviously, they had no idea what a trading bot is and how it should work. I don't believe that among those 800,000 victims, there are many more experienced traders. Honestly, this is the first time I've heard that a trading bot requires sending money/coins to a third-party platform. Usually, everything ends with permission to open and close a trading position.

holydarkness

legendary

Activity: 2632

Merit: 1462

Yes, I'm an asshole

It might be wise to add here that they're available on playstore [android] under the name "iEarn bot Plus" and appstore [iOS] on "pro iEarn bot", just in case anyone googling their app name, seeking review before signing up, not realizing that those app are the ones the article published by BBC on OP's opening post talked about.

stompix

legendary

Activity: 2912

Merit: 6403

Blackjack.fun

Yeah, there was no trading, no AI, no nothing.
The usual scam that most of the time go down before it manages to match more than a few victims now trapped hundred of thousands because it was advertised by gullible but at the same time people with a bit of reputation in the field.

How the hell do people still fall for stuff that advertises guaranteed profits, companies with no physical presence whatsoever, a scheme with no transparency moreover in such numbers investing that much and waiting for almost a year till they realize something is bad is well beyond me.
The whole thing is just stupid, a year old website that claims to be doing trading and partnerships with major companies for 5 years.

And the website is just triggering red flags one after the other:

Quote

Is IEARN BOT a global company? Which countries/regions are available?
IEARN BOT is a global company. The United States, Britain, Japan, Ukraine, Germany.Singapore. Nigeria, Turkey, etc.

You would trust somebody that claims to have developed some magical AI trading algorithm but can't decide on the correct punctuation?

noorman0

hero member

Activity: 1778

Merit: 709

[Nope]No hype delivers more than hope

Quote from: cafter on March 19, 2023, 10:57:33 AM

-snip-
after paying 30% fee though, customers are not able to withdraw,

They flagged the public inadvertently that their bot was not working. The Profits described are only obtained as more new users enter. This kind of fraud has flourished in my country in the past few years, and recently it has been exposed a lot after several founders were arrested.

Quote from: cafter on March 19, 2023, 10:57:33 AM

-snip-
Always see trust/reviews on any finance or crypto related sites or business before investing.

Reviews are no longer considered a service trust parameter these days, even Google may present fake reviews in the first search results.

logfiles

copper member

Activity: 2170

Merit: 1822

Top Crypto Casino

I read about this story a few days ago, and it's amazing that so many people were victims. It's similar to another "trading bot" that's being advertised by some folks, know as royal IQ. people are going to get scammed one day again.

Quote from: Adbitco on March 19, 2023, 11:11:32 AM

However, why would people invested in trading bot they have no idea of or even making their investigation before investing in it or started using the app.

If people are stupid enough to invest in Ponzi schemes they have no idea how they make the money, then trading bots shouldn't be an exception

Adbitco

hero member

Activity: 1428

Merit: 653

Leading Crypto Sports Betting & Casino Platform

Sorry to say please move this topic to scam accusation section that's where it belongs.
However, why would people invested in trading bot they have no idea of or even making their investigation before investing in it or started using the app.
Like is still surprising to me, why would they charged 30 percent of withdrawal fee from users, after noticing all this why don't you people raise an alarm about the platform for people to be aware of their operations, besides how come they succeeded convincing about 800k users into their platform without anyone raising an alarm. That's why I always advise anyone using app to be very mindful with the kind of trading app they go about installing just in the name of involving themselves with a trading bot.

cafter

full member

Activity: 448

Merit: 223

one of the largest trading bot app named Iearnbot, it trade automatically by AI .
many people invested(~800,000 people) in it hoping for big profits by crypto and trading combined, but they were told, we charge 30% fee for withdrawal, after paying 30% fee though, customers are not able to withdraw,
the company do not provided any information about their location, owners, documents about their business, etc. owner site is also someone randomly named, fake partnership's with big companies, institutions.
this is kind of pyramid sceme
you can read full article here: https://www.bbc.com/news/technology-64939146

Always see trust/reviews on any finance or crypto related sites or business before investing.

Topic: "one of the largest crypto scandals to date" (Read 219 times)